CHRIS HEIDTTEKAMAR MORTGAGES LTD.

My last post about not growing pot in your home elicited a ton of response, some of it quite heated, and I stand corrected...In speaking with our local CMHC representative she says CMHC has no issues if you grow the legal 4 plants PER HOUSEHOLD (not per person) in your home, and she says most mortgage lenders shouldn't as well, THOUGH CMHC does leave the lenders to make their own policies and procedures in this regard. She did caution that house insurance may still be an issue, and YES, in speaking with insurance agents they may ask additional questions about where and how you might be growing pot in your home, BUT for the most part, growing the Legal 4 Plants per household, SHOULD NOT present problems when financing, buying or selling your next home. I still would exercise caution, but the wording of mortgage and real estate law is concerned with ILLEGAL activity, so just keep that in mind if you want to grow cannabis in your home. Man, I think I need a beer...

Pot is now legal in Canada, BUT mortgage rules HAVE NOT YET CHANGED...

Please know....In the eyes of a mortgage lender (bank or credit union) 1 pot plant can constitute a "grow op" , and can make your home impossible to finance. None of the big banks will even finance a "fully remediated" grow op. I have 2 small lenders in BC who will still consider financing but at much higher rates and with additional fees. Until financing rules change DO NOT grow even one pot plant on your property. If you are a landlord, prohibit the growing of pot plants anywhere on the property. I expect mortgage rules to change eventually, but right now the value and sale/resale of your home are seriously impaired by the growing of even one pot plant, regardless of the legalization of cannabis.

FYII first posted this to Facebook in response to Realtors comments on pot and your home, and in response to two media Facebook pages that had articles on the growing of pot in your home, one was even a "How To" from Global News...The responses were overwhelming. Many realtors, other Mortgage Brokers and lenders all agreeing, and some uninformed pot activists trying to argue that …

"Banks won't care.""How will they even know?""This is just fear mongering."

To those that doubt these FACTS, please know that when your bank says NO to financing or refinancing your home, or refuses financing for the next purchaser of your home when you try to sell, due to grow activity, Please feel free to give me a call...I am sure I can find some GREAT High Interest rate options for your financing needs.

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Just my thoughts and opinions on a variety of topics as I see fit to post...Hey, its' my website!